https://x.com/pitdesi/status/1802337976623755701 https://x.com/pitdesi/status/1802337976623755701 There was a good thread about this on Twitter which the CEO o

https://x.com/pitdesi/status/1802337976623755701 https://x.com/pitdesi/status/1802337976623755701 There was a good thread about this on Twitter which the CEO of Bilt responded to. Summarizing the WSJ article it sounds like Wells Fargo made some bad assumptions when underwriting the card, specifically: - 65% of the spend on the card would be non-rent (in reality less than 30%) - 50-75% of the balances would be revolving (in reality 15-25%) Here's a direct link to the CEO's response: https://x.com/ankurjain_2/status/1802370451714281930 https://x.com/ankurjain_2/status/1802370451714281930 The main points seem to be: - Bilt is helping Well Fargo acquire high value customers. - It's still early on in their partnership and the numbers can change.